Psychological Perspective of the Succession Obstacles in our Nigerian Indigenous Firms

Abstract

The succession obstacles in our family indigenous firms is the difficulty in fetching effective successors to the founder of the firm. Usually the owner and the founding director makes no conscious to provide for his success or like any other persons the fact that some day he will no longer be in the business as a head. Each day for him appears too early for whom to take over from him. He is only thinking how to expand his firm. In terms of manager, he also thinks of new business or all types of integration. Suddenly he dies. It becomes difficult for his successor to know how to go about with the business because the owner of the company was performing well. His formula was not disclosed to any body not even his relative. This paper is focus on psychological perspective of the succession obstacles in our Nigeria indigenous firms.